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<br />IFile No. 2004 2251 Paoe #201 <br /> <br />Replacement Reserve Schedule <br /> <br />Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements <br />or are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that have <br />a remaining life of more than one year - such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting, <br />etc. - shouid be expensed on a replacement cost basis, <br /> <br />Equipment Replacement Remaining By Applicant! Lender <br /> Cost Life Appraiser Adjustments <br />Stoves/Ranges @ $ 800 ea. ~ Yrs. x 3 Units = $ 160 $ <br />Refrigerators @ $ 750 ea. ~ Yrs. x 3 Units = $ 150 $ <br />Dishwashers @ $ ea, Yrs. x Units = $ $ <br />AlC Units @ $ ea, Yrs, x Units = $ $ <br />C. Washer/Dryers . @ $ 750 ea. ~ Yrs, x 3 Units = $ 150 $ <br />HW Heaters .. @ $ 750 ea. + ~ Yrs. x 3 Units = $ 113 $ <br />Fumace(s) HHHHHH'H @ $ ea. Yrs. x Units = $ $ <br />(Other) @ $ ea, Yrs. x Units = $ $ <br />Roof HHHHHH"HH' @ $ 4,200 ~ Yrs. x One Bldg. $ 168 $ <br />Carpeting (Wall to Wall) Remaining <br /> Life <br />(Units) ~ Total Sq. Yds. @ ~ Per Sq. Yd. ~ Yrs. $ 606 $ <br />(Public Areas) Total Sq. Yds. @ $_ Per Sq. Yd. + Yrs. $ $ <br />Total Replacement Reserves, (Enter on Pg, 1) $ 1,347 $ <br />Operating Income Reconciliation <br /> <br />$ 16,234 <br />Effective Gross income <br /> <br />$ $ 1,001 <br />Monthly Operating Income <br /> <br />- $ 4,217 <br />Total Operating Expenses <br /> <br />$ <br /> <br />12,017 <br />Operating Income <br /> <br />+ 12 <br /> <br />$ 1,001 <br />Monthly Operating Income <br /> <br />- $ <br /> <br />Monthly Housing Expense <br /> <br />$ <br /> <br />Net Cash Flow <br /> <br />(Note: Monthiy Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage <br />insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) <br /> <br />Underwriter's instructions for 2-4 Family Owner-Occupied Properties <br /> <br />. If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of <br />Freddie Mac Form 65/Fannie Mae Form 1003. If Monthly Operating Income is a negative number, it must be included as a <br />liability for qualification purposes. <br /> <br />. The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total Monthly Housing Expense <br />forthe SUbject property to the borrower's stable monthly income. <br /> <br />Underwriter's instructions for 1-4 Family Investment Properties <br /> <br />. If Net Cash Flow is a positive number, enter as "Net Rentai Income" in the "Gross Monthly Income" section of Freddie Mac <br />Form 65/Fannie Mae Form 1003. If Net Cash Fiow is a negative number, it must be included as a liability for qualification purposes. <br /> <br />. The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense <br />forthe borrower's primary residence to the borrower's stable monthly income. <br /> <br />Appraiser's Comments (lnc/uding sources for data and rationale for the projections) <br />References for cost were taken from Marshall & Swift Resident Cost Handbook - Multi-Family Homes <br />General Repairs calculated @ 5% of Effective Gross Income <br />Management Fees calculated @ 6% of Effective Gross Income. <br /> <br />Russell L Wastweet <br />Appraiser Name <br /> <br />1<<' 5d: J .r#- <br />-Appraiser Signature <br /> <br />June 11, 2004 <br />Date <br /> <br />Underwriter's Comments and Rationale for Adjustments <br /> <br />Underwriter Name <br /> <br />Underwriter Signature <br /> <br />Date <br /> <br />Freddie Mac <br />Form 998 Aug 88 <br /> <br />Page 2 of 2 <br /> <br />Fannie Mae <br />Form 216 Aug 88 <br /> <br />Form INC2 - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-ALAMODE <br />